Piccadilly Galleria, the ground-floor retail podium of Piccadilly Grand, an integrated development on Northumberland Road, is being relaunched for sale via an expression of interest (EOI) exercise. The podium has a guide price of $67.5 million, or about $3,350 psf, on its net lettable area of 20,140 sq ft.
The price is 10% lower than the $75 million ($3,724 psf) the podium was marketed at previously. Piccadilly Galleria was initially launched for sale via EOI last October, with the exercise closing in November.
CBRE and Knight Frank are the joint marketing agents for the podium. “During our initial marketing campaign, we received substantial interest from a diverse range of buyers, including boutique real estate funds, family offices, high-net-worth individuals, local companies, and owner-occupiers,” says Clemence Lee, executive director of capital markets at CBRE Singapore.
A map showing the location of Piccadilly Galleria (Picture: EdgeProp LandLens)
Located in the Farrer Park area, Piccadilly Galleria comprises 15 units, including one childcare, four retail and ten F&B-approved units. The podium has direct access to Farrer Park MRT Station as well as a dedicated drop-off point for visitors, situated on Northumberland Road.
The podium is part of Piccadilly Grand, which consists of three 23-storey blocks housing 407 apartments. Developed by City Developments and MCL Land, the fully sold, 99-year leasehold Piccadilly Grand is expected to obtain its temporary occupation permit sometime in 2H2025.
According to CBRE and Knight Frank, leasing plans are currently underway for Piccadilly Galleria, with a tenant already secured for the childcare centre, which spans 5,832 sq ft.
Melvin Chay, senior director of capital markets at Knight Frank Singapore, expects the development to benefit from upgrades taking place in the Farrer Park area. “The surrounding retail landscape has seen positive transformation, with City Square Mall having completed a major asset enhancement initiative that has enhanced the precinct’s overall vibrancy, making the location even more attractive to tenants and shoppers,” he says.
In addition, Farrer Park will see a boost in resident population with the completion of about 1,800 upcoming HDB flats by 2028. The estate will also see new sports and recreational facilities.
The EOI will close on July 22 at 3pm.
